Cryptocurrency Venture Capital Funding: Women Struggle To Raise Cash, But Not For Long

It is safe to say that blockchain companies and projects seek to disrupt and challenge not only industries represented in society but our cultural and social norms. In 2017, female founders received only 2 percent of venture capital funding. While limited in the past, women now have a chance to be heard through blockchain-based business models.

This past week, I was honored to be part of the United States pavilion opening ceremony for Arab Health 2018, which attracts over 100,000 people from all walks of healthcare and is the largest international healthcare conference in the world.

My company Patientory sponsored the opening ceremony as the first and only blockchain healthcare startup to participate in this event. Patientory’s significant presence at Arab Health — and the opportunity to educate the world about the coming of blockchain in healthcare — would not have been made possible without our successful token, which netted $7.2 million USD worth of Ethereum last June.

Blockchain is indeed an emerging technology that still leaves venture capital investors and healthcare executives scratching their heads. Imagine the risk that has to be taken into consideration when deciding whether or not to invest in something you do not understand — not to mention the company is led by a female CEO.

Based on a recent study by the Pew Research Center, uneven expectations and companies being unwilling to elevate women are cited more than any other factors as major reasons that more women are not in top leadership roles in business. Additionally, four in ten Americans reported that "higher standards for women and lack of readiness by companies to hire women for top positions and by voters to elect women to higher office are major reasons that there aren’t more women in top leadership roles in business and politics."

This is why the concept of the token and initial coin offering is genius. The process a company goes through to raise initial capital by way of a token sale provides the opportunity for founders with novel ideas to be heard. Regardless of race, gender or socioeconomic status, chances are if you have a good idea that needs a place in the world, you can harness the power of the community to receive support to get your company off the ground.

With the novel business model of cryptocurrency, companies are being invested in on the basis of the strength of their time, management experience and ability to execute. This progress is open to the public through a transparent system backed by a community — and it's opening new doors for women looking to brings their ideas to the forefront.

Chrissa McFarlane is the CEO and Founder of Patientory.